Why Elon Musk sold Bitcoin? – Katoch Tubes

Elon Musk Bitcoin SAGA

Elon Musk Bitcoin SAGA

Who is Elon Musk?

Elon Reeve Musk is a business mogul and an entrepreneur. He founded PayPal, SpaceX and also own Tesla, making it a profitable car company. Net worth: $193 billion

Tesla & Bitcoin

In February 2021, Elon owned Tesla bought Bitcoin worth $1.5 billion that drove the price of the currency. Also check -

What's the news?

Recently, the electric car manufacturer has offloaded 75% of its bitcoin holding which was worth $2bn (in Dec 2021) at a loss and settled for $936 million

The Controversy

At the time of purchase, Elon revealed on social media that he won't sell his bitcoin holdings & also favoured Dogecoin but in 2022 took U-turn.

The After Effects

The market entered into the panic mode. Many called it a foolish move but deep down Elon Musk is smiling because he avoided taxation by showing loss.

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